With the growing popularity of the cryptocurrency market, attempts to scam traders and investors, especially beginners, have also increased. In this educational guide, we attempt to provide you with five essential tips to protect your assets and avoid falling into the scammers' traps.
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1. Verify the credibility of the platform and projects
Choose reputable platforms: Always start trading on licensed platforms with a strong reputation like Binance.
Look for partnerships: Ensure there are official partnerships or support from known institutions before investing in a new project.
Review official sources: Rely on official channels (website, verified social media accounts) to confirm news and updates.
2. Avoid promises of unrealistic returns
Unrealistic return = scam: If promised a daily or monthly return exceeding 1–2% regularly without risks, avoid that project.
Read the white paper: Know the project details and its technical outline before depositing, as most scams rely on the obscurity of the idea.
3. Protect your account with security tools
Enable two-factor authentication (2FA): Use Google Authenticator or SMS for an extra layer of protection.
Use strong and unique passwords: Make them long, mixing letters, numbers, and symbols, and do not share them with anyone.
Avoid suspicious links: Do not click on links sent to you via email or unexpected messages.
4. Beware of 'Pump & Dump' schemes
Sudden price spikes: If the price of a coin rises rapidly through closed channels or chat groups, it may be pre-planned.
Do not buy out of fear of missing out: Wait for objective confirmations (real trading volume, official news) before joining.
5. Use complementary techniques
Blacklist: Monitor lists of suspicious wallet addresses to protect your funds from being transferred to fraudulent entities.
Cold Storage: Keep a portion of your assets in an offline external wallet to avoid hacks.
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Practical example
When trading the BTC/USDT pair on Binance:
1. Before clicking 'Buy BTC', ensure you are using the official platform and check the security code (SSL).
2. Enable 2FA and link it to your account before making any deposits or withdrawals.
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Being cautious about the security of your investments is the first step towards achieving sustainable profits. Have you ever faced fraud attempts? Share your experience and tips in the comments!
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